Gold price got rejected at the $1,210 resistance and broke below $1,200. We warned last week that prices were testing the important upper channel and previous highs at $1,211 and the danger of a rejection was high. The rejection and the break below $1,200 was a very bearish sign.
Green lines - bearish channel
Blue line - support trend line (broken)
Gold bulls are in a difficult spot. Price got rejected and broke below the support trend line. Next support is at $1,180. Resistance is at $1,208-10. Gold price is still inside the bearish channel. Trend remains bearish. Gold could see a move below $1,190-80 over the coming weeks as long as price is below $1,210.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.